Hello everyone, here is my breakdown of the current BTCUSDT setup.
Market Analysis
BTCUSDT previously traded within a range. After a brief upside move, price faced strong rejection near the 78,900 resistance zone, forming a fake breakout and signaling selling pressure.
Currently, BTCUSDT is trading below the 78,900 resistance while holding above the 77,000 support zone. Price is also compressing within a triangle structure, where both resistance and support lines are converging, suggesting a potential breakdown.
My Scenario & Strategy
As long as BTCUSDT remains below the 78,900 resistance level and cannot break above this level, the bearish scenario remains in place. A break from this area could push the price towards the 77,000 support level (TP1), which aligns with the lower border of the triangle.
However, if price breaks above 78,900 and holds above the triangle resistance, the bearish scenario would be invalidated, opening the path for further upside.
That’s the setup I’m tracking. Thank you for your attention, and always manage your risk.